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USDA's January WASDE made significant cuts to 2022 U.S. corn and soybean acreage and yield, reducing the estimated crop size. Prices for both commodities rose despite lower old-crop export expectations.
Reduced old-crop supply lifts prices, and attention now shifts to 2023 acreage and South American crops that will fill global gaps.
origin.farmdocdaily.illinois.eduHongxia JiaoJan 14, 2023After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
